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Old 09-03-2009, 09:27 AM
 
Location: Newark, Ohio
106 posts, read 205,282 times
Reputation: 32
Default Rent to own Oahu?

I have seen multiple places listed on craigslist as "rent to own" and not at a bad price, and nearly no down payment.

Has anyone had any experience with "rent to own" or know anything about them? Are they legit? Is it a good idea, or would it be better to rent an apartment if you can't afford a house?
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Old 09-03-2009, 10:00 AM
 
Location: Too far from Hawaii
30 posts, read 106,053 times
Reputation: 23
I recently noticed one of these too. It was something like a newer three bedroom house with an outdoor hot tub for $650/month.. Something told me that was a scam.
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Old 09-03-2009, 11:07 AM
 
Location: Was in Western New York but now in Hilo Hawaii
1,234 posts, read 2,722,206 times
Reputation: 391
I have seen a couple of these also. I believe that this market is from the high foreclosure rate and the company's there in need to do something with the properties . I would be very wary of getting into one of these without letting a Lawyer look at the contracts first.
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Old 09-03-2009, 11:18 AM
 
Location: Newark, Ohio
106 posts, read 205,282 times
Reputation: 32
Quote:
Originally Posted by Paradise Calling View Post
I recently noticed one of these too. It was something like a newer three bedroom house with an outdoor hot tub for $650/month.. Something told me that was a scam.
I seen that one too, no way thats true. But some claim to have multiple properties. Was just wondering if that is common, or if just isn't that common to be able to rent a actual house on oahu.
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Old 09-03-2009, 11:25 AM
 
9,348 posts, read 6,206,345 times
Reputation: 5463
legit rent to own has good and bad on both sides. I think it works like this. the renter/future owner and the owner of the property enter into contract. they agree on a price. for the owner agreeing on a price well before the close of escrow can be bad, depending on how long the escrow/lease period is, the house could go up thousands of dollars in value and the owner is under contract to sell at the price set in the terms. on the renters side there is usually a down required and if the renter does not follow through on the contract the down is lost to compensate the owner for his house being off the market for so long. the renter after his lease period is over need to perform on the contract and get the money he needs to buy the house.
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Old 09-03-2009, 11:36 AM
 
Location: Hawaii-Puna District
3,262 posts, read 5,178,866 times
Reputation: 1773
If you look closely thru Craigslist, you see the same ads all over. If you begin to check into them, you will find out that they all want you to give them your SS# and they want $1 for "starting the process.

They have no houses. It is a SCAM. Stay away.
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Old 09-03-2009, 11:39 AM
 
Location: Newark, Ohio
106 posts, read 205,282 times
Reputation: 32
Quote:
Originally Posted by mdand3boys View Post
If you look closely thru Craigslist, you see the same ads all over. If you begin to check into them, you will find out that they all want you to give them your SS# and they want $1 for "starting the process.

They have no houses. It is a SCAM. Stay away.
I thought so, sounded too good to be true.
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Old 09-03-2009, 03:07 PM
 
Location: Waianae, Hi
285 posts, read 522,863 times
Reputation: 301
I bought a house with a lease to own plan when I lived on the mainland. If it is done through a real estate office there are no problems with it. The way it works is after a purchase price is agreed on the contract is drawn up almost like a rental agreement you pay security deposit and first months rent. The contract states that it is a lease with option to buy, and a percentage of the monthly rent is applied toward the down payment on the home once the contract comes to an end. Someone said that these type sales can be bad for owners if thier property gains in value over the contract period true they would loose out on the added value but if they were in a position to hold on to the property they wouldnt be trying to sell in the first place. It can be a blessing to someone or young couple who have everything going for them except the down payment or established credit and want to get thier foot in the toward home ownership.
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Old 09-03-2009, 03:20 PM
 
4,919 posts, read 9,264,583 times
Reputation: 5705
Rent to own on Hawaii is an issue due to scams. People will enter a rent-to-own on Hawaii without ever seeing the property, doing any checking on the property, or using their own legal advice. They throw caution away and instead are blinded by the Hawaii ownership thrill and get suckered into all sorts of stuff. They would spend more time reading and getting a contact review for cell service than they would for sight-unseen property on Hawaii. That's what I think raises the caution!
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